Phelps already an Olympic winner with lucrative deal

The 2012 London Olympics are still more than seven months away but Michael Phelps is already one of the biggest winners.

The American swimmer, who has already won a record 14 Olympic gold medals and is expected to add to his glittering stockpile in London, has just signed a lucrative endorsement deal with the International Olympic Committee’s newest worldwide partner, Procter & Gamble.

Under the terms of the deal, which was due to be formally announced later on Tuesday, Phelps will become the global face of an anti-dandruff shampoo and will feature prominently in their Wash in Confidence campaign.

“Michael Phelps is a three-time Olympian and one of the most iconic global athletes of our time,” Belen Carazo, the director of global communications for Head & Shoulders told Reuters ahead of the announcement.

‘No doubt’

“We feel that Michael Phelps is a great ambassador for confidence -- when performing at the highest level of sport, there is simply no room for doubt.”

P&G said the contract with Phelps would run for two years, until 2013. The company would not reveal the financial terms of the deal although industry experts said the swimmer’s fee would almost certainly be a seven-figure sum.

“At this point of his career, it’s not about financial remuneration for Michael,” Peter Carlisle, Phelps’ agent at sports marketing firm Octagon, told Reuters.

“His promotion of a product has to go much deeper and allow him to accomplish more things.

“Michael has always wanted to help grow the sport of swimming and he needs global brands that can help him spread his message all over the world.”